WTFBitcoin Week 45,2022
Bitcoiners are stacking like warriors.
TLDR: Bitcoin Is Still Winning, Plebs Stacking Like Warriors, Oil & Gas companies turn into mining, El Salvador Had a Killer Year (With No Deaths).
Hey there niblings, it’s uncle Bam again, with a summary of the most insightful events in the Bitcoin space. Back at it again digesting all the important news for you.
I must say I honestly thought we wouldn’t see lower prices than the previous ~$17,800 bottom, and I am amazed that bitcoin is comfortably ranging around mid $16,000s.
So what happened? Nothing surprises or amazes any longer in the space, but it seems that history repeats time and time again, and people get caught on by greed trying to “make/earn something out of nothing”.
The story repeats. FTX one of the top exchanges has filed for bankruptcy, while taking with it a lot, and I mean a lot of customer funds. If you read my newsletter, I really hope you didn’t had any exposure to this, or even any exchange. I probably should say it more often but.. “NOT YOUR KEYS, NOT YOUR COINS”..
Also, buying anything other than Bitcoin in this whole “cryptocurrency” world is nothing more than a gamble.
The whole point of bitcoin is to have hard money which can’t be altered, theres no central issuer, and works digitally in a peer-to-peer way preventing censorship and confiscation. Any other coin out there, DOES NOT FULFIL THESE REQUIREMENTS.
”UnClE BaM bUt wHaT aBouT EtHereUm? PrIcE IsS mUcH hIgH!”
Price is different than value. And many coins which have collapsed had made bigger returns than bitcoin for some players, only to end up trending down to zero.
Now, I am not saying Ethereum will fail (which I believe it could happen.. highly likely), or is a bad investment. What I am saying, is that it doesn’t fulfil the requirements for sovereign & sound money.
Want to know why? Well there is a leader who takes care of most decisions. Rules have changed, and continue changing. We don’t know how many Ethereum there are, and how many there will be. Is becoming OFAC compliant, meaning censorship is starting. Hell, all people who staked don’t even know WHEN, or IF they will be able to unstake or make use of their money. A simple meme speaks a thousand words:
But hey, we are friendly here, and this is a bullish bitcoin newsletter.. So despite the price drawdown..
Let’s read some good news!
THE NEWS!
1. MicroStrategy could raise up to $500 million to buy bitcoin. With these prices, it could take MicroStrategy’s treasury from 130,000 to 160,000 bitcoin in their treasury.
2. Shell, the oil and gas giant, will showcase its new cooling solutions meant to improve the mining industry, at The Bitcoin 2023 Conference.
“Shell has $37 billion cash on their balancesheet. That would be enough to acquire 2,100,000 bitcoins. Or even enough to acquire multiple distressed bitcoin mining companies. Many times over.”
3. Laser Digital, Nomura’s bitcoin and crypto focused unit, will reportedly launch an institutional trading platform by the first quarter of next year.
4. Brazilian Bitcoin NonProfit Vinteum, announces Utreexo development grant. With this grant, Davidson Souza continues providing implementations that allow wallets to use the Rust Utreexo library.
5. Perth Heat players can now get bitcoin ‘boosts’ through a new Lightning-powered fan engagement feature launched in partnership with IBEX.
6. The Orange Pill App just launched in iOS and Android, geared towards connecting local bitcoiners in real life.
7. Trezor users can now buy and sell non-KYC bitcoin directly from their hardware wallets thanks to an integration with P2P platform Hodl Hodl.
8. The Blockstream Jade camera has been activated for a fully air-gapped workflow when signing Bitcoin transactions.
9. The first mainnet vortex coinjon was made this week. @benthecarman and @deregs_ opened real lightning channels in a coinjoin.
10. The world’s first protable, wireless & pocket sized Bitcoin Full Node was built by @NODEfather.
“Bear markets are for building.” – Bitcoiners
10. Reminder of the Bitcoin effect in El Salvador, despite the current depressed price.
GDP +10.3%
Turism +52%
Employment +7%
New Businesses +12%
Exports +17%
Energy generation +19%
Energy exports +3,291%
FUNDAMENTALS.
Apparently the price of bitcoin has been manipulated as some exchanges (looking at you FTX), have Bitcoin liabilities instead of owning the asset.
But plebs, the DCA Army, or whichever way you prefer to call us normal people who see bitcoin as a savings mechanism, are taking the opportunity and accumulating as much as possible straight into our wallets.
As shared by Joe Brunett (could be more now after a few days) 8,800 bitcoin were added to the “pleb wallets” this 9th of November, making the plebs hold over 1,120,000 bitcoins.
On a different perspective, in just the last days, the amount of new bitcoin addresses has increased significantly, and comparatively to other bitcoin bottoms in history.
Is this the bottom? Hard to know, but the fundamentals are intact, and bitcoin continues providing sovereignty and freedom to the one who posses it.
As a summary note..
Bitcoin is a survival game, and you could do amazingly well by following some basic principles.
“Not your keys, not your coins” & “Stay humble and stack sats”
Nothing has change fundamentally, the long game is still in play. Bitcoin continues to be the only asset that can’t be easily confiscated, and its transportable across time & space.
If you find value and want to help me, please share with your friends & family. A retweet makes wonders too.
Have a great weekend niblings.
With love ❤️, Bam.
Want to learn how to buy bitcoin?
If you are in Europe, I made a pretty simple guide with 3 steps, which avoids you having to set up an account on an exchange, give them all of your personal information, plus custody of your funds.
Did you find value on this? You want to contribute to Uncle Bam?
Then feel free to donate, a cup of coffee would be highly appreciated.
But more importantly, share this with your friends and family..
Lightning Address: rustybeam47@walletofsatoshi.com